Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-01-28

his reasons for assuming for the present a
position independent of party ties, is the
little hope they give that independence
will realize the success of the political OBJ.
lects he has at heart. He alleges that all
the measures adopted to carry out the
Riddleberger bill have proved insufficient
and that we should now abandon that set
element an addre ourselves to EFFECT
such a set, ~ith the creditors
- ther- In the
Siddi6belger ill
L.. Lid it have been
insufficient. Under them the people
> debt reduced to Twenty Millions
dollars if they chose to avail themsel
yes of their right to pay in money against
which mode of payment there has been no
decision of the U. S. Court. Or by using
coupons they can shoulder debt of not
far from Forty Millions. The people are
given their choice, and npon their exer-
else of that choice depends the issue. No
political party and no legislature could do
more thar that The legislation was suf-
fcient il the people choose to obey the law.
~ 1t is the exact summary of the debt
legislation.
But Gen. Walker wants the people Of
Virginia to surrender position which is
anassailable by Federal or any other law
and "effect such settlement with the
creditors as will be acceptable to them"-
the creditors. Has he given the history
of that acceptability any study? And if
so, does he know what it means? 1t means
largely increased debt and largely in
creased taxation. That is what it means
and that is what the creditors are fighting
for. This question of acceptability to the
creditors is not a new one. 1t has been
tried so often and SO long ago that the
people have forgotten how impossible it
has proved to satisfy the creditors. Thir-
teen years ago the Virginia legislature,
then Democratic, called conference with
the creditors of the State. 1t was had with
the small representation that would come.
and It's only recommendation was that the
State should pay The creditors what ready
money it had and give its due bills for the
remainder. Twelve years ago the legisa
lature, still Democratic, called the credit
Ors together again, this time to treat with
a commission consisting Of Gov. Kemper
and r. M. T. Hunter. To their represen-
tatives. Gov. Kemper made full and
minute statement of the affairs of the
Common wealth showing that she could
not pay the tax receivable coupons without
ruin. The answer to this was q PROPOSE
ton from the bondholders, through
one of their number, McKinnon, to
terms which would deliver her bound hand
and foot to the Federal Courts. 1t in no
way, remitted any OF the debt. This the
legislature properly Ignored. Seven years
ago the legislature, then Readjuster. III
yited another conference which was held
MeCulloch bill. 1t was promptly repudi-
Re neople. Three failures to sa-
tiafy boU I'D sLe deJtOrsl Last
winter G, commended another
conference with tue creditors, at which
the RIddleberger settlement was to be ex-
planned to them. The organs of the credit
ors booted at it. The creditors do not want
any compromise, they want the coupons
and bonds they hold to be good for their
face value. They want no conference to
discuss favorable terms TO the State;
their conference is being held in the Fed
eral Courts. To fix on terms that will be
ssacceptable' to them the taxes of tbs
State must be raised. We presume that
Gen. Walker, if he has looked back over
the field, is prepared to advocate an in
crease of taxation. But does he think the
willingness of a few prominent men to
increase taxes will result in "a settlement
with the creditors" Experience teaches
us that it will not. When the McCulloch
bill was before the people it was claimed
that it would Increase the taxes to meet it,
| thirty thousand Democrats acted just
en-. Walker proposes to do, independ
5f the Democratic party. and repudi-
BIT. Gen. Walker in no way aids or ad-
les the settlement of the debt by going
de of the Democratic party to do it. No
b, Democrat or Republican, can cars
State on proposition TO paw
than the present settlement
an announcement of his indlv al
ion his manifesto is valuable, but as
ing out any road to the settlement
debt it is valueless. He may refuse
bis party because it don't agree
kaxation, but thirty thousand
use theirs if it did.
Protection it app ears
hitting a similar mis-